Scalping system #8 (1 minute Scalping with Pivot Points) more to come...
Submitted by Edward Revy on March 23, 2008 - 19:50.
The idea behind scalping at Pivot levels is simple. Pivot points are excellent levels of support and resistance. The moment price comes and touches them it bounces off like a rubber ball. Why not benefit from it?
The rules for scalping with pivot points in Forex are simple:
Calculate Daily pivot points for your favorite currency pair. For calculation use data from 5 pm Eastern time to 5 pm next day Eastern time.
Read entire post >>>
I'll add a screen shot in few days; this should be more descriptive and hopefully helpful.
Regards,
Edward
i do think that this strategy is risky you risk without any confirmation just pray price to bounce ...;] but hey this is just my thought also how many pips you make with this strategy?Thanks ...
You expect to make up to 5 pips per bounce. It would probably be boring to sit and wait for hours for the opportunity to trade, so I'd rather call it a complimentary strategy, which you take when a chance presents itself.
If you make it automatic, you'll get on average +25-30 pips daily.
There isn't much risk involved, since 5-pip-reaction bounce to a support/resistance level is nothing for the market which met an opposition at well known to its participants' level; after-bounce targets are achieved with no efforts.
Alex
which pairs do you trade with this strategy of your Alex?
USD JPY and EUR USD all the time.
GBP USD, AUD USD and EUR JPY when I'm bored.
Alex
ALSO MATE DO U WAIT FOR A BULL OR BEAR CANDLE TO CLOSE BFORE U TAKE A TRADE?
Nope, I go in right at the pivot line value or 1 pip under it.
Alex
do you consider news releases before ur entry?
Post new comment